BTC Dominance at 2-year Low: ETH Returns $2000, BNB Surpasses $600
The capitalization of the cryptocurrency market recovered by $ 100 billion on the day when Bitcoin approached $56,000. Ethereum jumped above $2,300, while Binance Coin rose 20% to over $600.
Crypto Market Review
Thanks to more positive news about the introduction of the cryptocurrency, received only yesterday from two major companies, Bitcoin has recovered after falling to $53,500, and is currently around $55,200. However, most altcoins posted higher returns and reduced BTC’s market dominance to just over 50% — the lowest level in two years.
Bitcoin Pumped up by Crypto news
The main cryptocurrency suffered on Sunday due to a sharp drop in prices of more than $9,000 per watch. Despite the fact that over the next two days, BTC recovered its value by several thousand dollars, it was not able to rise above $58,000.
Yesterday seemed like another bearish day, as Bitcoin fell to a low of $53,500. However, first came the news that PayPal’s mobile payment service, Venmo, has allowed its user base of more than 70 million people to buy, sell and store digital assets.
Soon after, reports surfaced that a major flexible workspace provider, WeWork, would also start accepting multiple cryptocurrencies for payments.
These important milestones for the entire crypto ecosystem have pushed Bitcoin up. The asset value increased by more than $3,000 and peaked at just over $57,000. However, BTC has since calmed down a bit and is currently only at $55,200.
But it is worth noting that this price jump has helped Bitcoin’s market capitalization return to the coveted $1 trillion mark. At the same time, altcoins have shown a more significant increase over the past 24 hours, and have reduced the dominance of BTC to about 50.5%.
ETH — $2,3K, and BNB — above $600
Most of the alternative coins haven’t been popular in the last few days either. The only exception was Dogecoin, which grew rapidly in anticipation of DogeDay on April 20. However, DOGE could not confirm its impressive results and today fell by 20%.
The other altos with a larger capitalization, on the contrary, are well colored in green. Ethereum rose by 10% and exceeded $2,300. Just a few days ago, ETH fell to $1,950. Ripple (12%), Cardano (8%), Polkadot (5%), Uniswap (9.5%), Litecoin (7%) and Chainlink (7.5%) also rose.
However, Binance Coin is the most significant player here. BNB rose more than 20% in 24 hours and was trading above $ 600. During Sunday’s market crash, BNB fell to $440.
Overview of the cryptocurrency market. Source: Quantify Crypto
Celo rose the most since yesterday — by 70%, to $6.6. Horizon (35%), PancakeSwap (27%), Enjin Coin (21%), Waves (20%), Reserve Rights (18%), Dent (16%), Bitcoin Gold (14%), Theta (13%) and Siacoin (13%).
The total market capitalization has recovered by about $100 billion from yesterday’s low, and is more than $2 trillion.